Southwest Airlines announced Monday morning that it will buy 150 Boeing 737 MAX and that it will be the first customer to receive the new re-engined aircraft in 2017.

The Dallas-based carrier said the aircraft will increase its fleet's fuel efficiency as it retires older 737 models.

"Today's environment demands that we become more fuel-efficient and environmentally friendly, and as the launch Customer of the Boeing 737 MAX, we have accomplished both," said Southwest chief executive Gary Kelly in a statement.

Financial details of the transaction were not released and Boeing has not unveiled the price tag of a Boeing 737 MAX. Current 737 next-generation models, which include the Boeing 737-700, 737-800 and 737-900 cost around $80 million a piece.

Southwest announced it is also purchasing an additional 58 Boeing 737 next-generation models and has substituted Boeing 737-800 models for all of its existing Boeing 737-700 aircraft deliveries in 2012 and 2013.

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